The Sydney Business Chamber has cautiously welcomed the NSW Government’s Options Paper Short Term Holiday Letting in NSW released today noting it as a step toward certainty for an industry that is contributing strongly to the NSW visitor economy.

“Short-term holiday letting has been embraced widely in the community; is a major economic driver for NSW and is estimated to be worth about half of the national figure of $31.3 billion,” said Patricia Forsythe, Executive Director of the Sydney Business Chamber.

“The Options Paper seems to have a starting point based around regulations rather than starting with a light touch and a focus on how far the industry can self-regulate. 

“Finding a balance between the rights of the community to participate in the sharing economy with regulations to maintain appropriate standards remains a significant challenge in the modern economy but assuming everything has to be regulated is out of step with the growth of the sector.

“During periods of high tourism demand such as the New Year period, short term holiday letting plays a critical role in ensuring there are sufficient beds available for people wishing to visit Sydney. 

“Short term holiday letting has also been embraced by business travellers particularly people here for conferences and extended stays.

“While the Government is correct in its approach to seek community input via an options paper, particularly to ensure social impacts created through short-term letting are managed appropriately, global experience suggests any such approach is best achieved when facilitated with platform providers rather than through any heavy-handed regulation,” Mrs Forsythe said.